DETROIT–For many, credit unions are often described as a religion. Now the University of Michigan Credit Union has purchased a church.
In this case, it’s the historic former First Presbyterian Church at 2930 Woodward Ave. The current occupant, the Ecumenical Theological Seminary, will remain in the building, while UMCU plans to build a 4,000-square-foot branch employing 12 people full time on some of the two-acre property's surface parking, President and CEO Tiffany Ford told Crain’s Detroit.
The property has about 150 parking spots, in addition to the church, a sanctuary and renaissance room. It was owned by the seminary, which sold it for an undisclosed price last month. It was asking $4.85 million, Crain’s Detroit reported.
The $777-million UMCU has approximately 80,000 members.
"We have made the investment that we feel is worth building for our membership that we have there," Ford told Crain's Detroit.
"They do a lot of community outreach programs where we'll be able to partner with them, so this is like a dream come true for us. This couldn't have worked out better,” a spokesperson for the church said.
The property is one block north of Little Caesars Arena, which was built for the Detroit Red Wings and Detroit Pistons. The arena anchors a $1-billion-plus, 50-block District Detroit development project, which is planned to include office, entertainment, retail and restaurant uses when fully built, according to Crain’s Detroit.